DIGITAL YUAN TRANSACTION VOLUME EXCEEDED $14B

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Samsung prefers blockchain for security measures

Digital and technology giant “Samsung” has announced that it will use blockchain technology as a security protocol on all devices, including mobile phones and household appliances. Electronic devices can work properly and harmoniously on their private blockchain while protecting themselves against attacks.

The company’s new security upgrade aims to simplify login processes and protect users from identity misuse.

Technological Company has partnered with Google to improve smart device experiences at home.

Samsung’s general manager also mentioned the importance of creating and investing in Web3 space.

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Binance destroyed $548 million in BNB at a burning event

Binance destroyed $548 million in BNB at a burning event

Cryptocurrency exchange Binance has completed its 21st quarterly Binance Coin (BNB) burning event. The exchange destroyed $547 million worth of BNB (over 2m BNB).

The exchange also stated that 4,833.25 BNBs were burned through the Pioneer Burn Program, which helps investors who accidentally lost their holdings.

In some instances, Binance compensates users for their losses and returns their tokens to them. These tokens are then subtracted from the total amount burned by Binance in the quarterly burn.

The exchange had committed to burning up to 20 percent of its quarterly profits. For reference, the exchange may have made a profit of $2.7 billion in the third quarter of 2022.

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Bank of China: digital yuan transaction volume exceeded $14 billion

Bank of China: digital yuan transaction volume exceeded $14 billion

China’s Central Bank Digital Currency (CBDC) reached a transaction volume of $14 billion (100.04 billion yuan) in its pilot phase. This has made the digital yuan (e-CNY) the most popular CBDC in the world.

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According to the Bank of China’s statement on October 10, The CBDC’s pilot study carried out in 15 provinces reached 360 million at the end of the summer. More than 5.6 million stores accept the digital yuan as their national currency.

Financial regulators also announced plans for project development. These plans include introducing cross-border payments between Hong Kong and mainland China.

China’s central bank plans to replace cash with digital yuan at the end of the CBDC’s trial run, which started in April 2020. 

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